Dangote Refinery extends IPO deadline to October 27 after SEC approval

Dangote Petroleum Refinery and Petrochemicals FZE has extended the subscription period for its initial public offering by two weeks to October 27, 2026. The Securities and Exchange Commission approved the extension. The offer opened on September 14 and was initially scheduled to close on October 13. The new deadline gives investors an extra 14 days to apply.

Why the deadline moved

The refinery said the extension will support efforts to widen access across African markets. It plans to distribute shares through additional channels and introduce depositary receipt programmes. Depositary receipts are financial instruments that allow investors to gain exposure to shares in a company through arrangements that can make those shares accessible in other markets. The company said the extra time will let investors complete account opening, identity verification and other regulatory requirements.

Managing Director and Chief Executive Officer David Bird said the extension would provide more investors across Africa with an opportunity to participate. “We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa,” Bird said.

Offer size and retail demand

Dangote Refinery is offering 4.1 billion ordinary shares at N525 per share. The total value is about N2.15 trillion. Minimum subscription is 10 shares, valued at N5,250. The subscription opened through about 55 digital channels spanning 20 banks, two mobile money operators, NGX’s Invest platform and 32 fintechs. The push aims to reach 10 million investors.

Several apps and traditional platforms have been deployed for the offer. The IPO has hit a record one million unique retail subscribers, led by Bamboo and Moniepoint. Bamboo is said to be doing more than 3x the next platform. The refinery said it has received strong interest from eligible investors across Africa and other jurisdictions since the IPO opened.

Revised timetable

Under the revised timetable, the application list will close on October 27. Collation of returns is scheduled for November 3, 2026. The company will submit its basis of allotment proposal and draft allotment announcement to the SEC on November 10. The regulator’s no objection is expected on November 17. Transfer of net offer proceeds to the refinery and publication of the allotment announcement are scheduled for one business day after the allotment date.

Investors whose applications are rejected or who are entitled to surplus funds should receive refunds within five business days after the allotment date. Crediting of successful applicants’ Central Securities Clearing System accounts and commencement of trading in the shares are scheduled for 15 business days after the allotment date. Listing on the Nigerian Exchange is expected in November. The IPO was initially due to close on October 13.

Dangote’s wealth creation pitch

At the flag-off ceremony on September 14, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Ltd., said the refinery IPO would democratise wealth creation for ordinary Nigerians and investors globally. Dangote described the offer as a historic moment for Nigeria’s capital market, the Dangote Group and Africa. He said it would enable ordinary Nigerians and investors globally to own shares in one of Africa’s major industrial projects. The Nigerian Exchange formally opened the N2.15 trillion IPO at the ceremony.